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Printed Circuit Board (PCB) Market size surpassed USD 75 billion in 2021 and is expected to exhibit a CAGR of over 5% between 2022 and 2030. The increasing technological advancements across the automotive sector, driven by the rising emphasis on enhancing road safety, are seen as prominent factors driving the industry demand.
Automobile manufacturers globally have been focusing on deploying cutting-edge electronic components in several comfort & safety systems, including lane-keeping & control systems, ADAS, and intelligent glass control systems to enhance the overall driving experience. The integration of such advanced equipment helps elevate seat comfort, information, and seat comfort, thereby stimulating the PCB market outlook. Furthermore, the surging electrification trends and the rapid usage of smart safety systems in the automotive industry will help the industry gain momentum.
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The multi-layered printed circuit board market is anticipated to attain more than 6% gains through 2030, accounting for a significant industry share. Unlike double-layer PCBs, multi-layer PCBs have at least three layers of conductive material buried in the center. Due to the presence of core and copper layers, these are more robust and thicker than their counterparts. The increasing utilization of these circuit boards in several compact electronic and medical equipment such as computers, GPS technology, handheld devices, X-ray equipment, heart monitors, etc., may support business expansion by 2030.
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The rigid PCB segment dominated more than 85% of the market share in 2021 and is poised to hold an appreciable target valuation throughout 2030. Rigid printed circuit boards are capable of withstanding extreme temperatures and stress. Driven by their exceptional resistance against corrosive lubricants, UV radiation, and harsh chemicals, these are highly integrated around the OEMs and find major applications in products such as airplane cockpit instruments, MRI systems, EMG machines, consumer electronics, and many more. The increasing demand for these circuit board from the electronics industry due to improved durability, quality, density, and cost-effectiveness may help the sector grow substantially.
|Market Size in 2021:||75 billion (USD)|
|Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5%|
|2030 Value Projection:||120 billion (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||262|
|Tables, Charts & Figures:||282|
|Segments covered:||Type, Substrate, Application|
|Pitfalls & Challenges:|
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The printed circuit board market is likely to gain significant impetus through increasing application in the consumer electronics. The sector accounted for a sizeable valuation in 2021 and is speculated to exhibit around 4% growth rate between 2022 and 2030. The rapidly improving living standards and positive outlook of the global economy have significantly pushed the demand for smart devices and wearables. The increasing design complexities in the consumer electronics industry due to the advent of smart technologies may propel PCB sales by end of 2030.
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Asia Pacific PCB market captured more than 65% of the revenue share in 2021 and is expected to witness growth during 2022-2030. The regional industry development is backed by the proliferation of the manufacturing sector in the major Asian economies, including China, Japan, and India. The explosive population rise and rapid urbanization in the region have increased the demand for consumer electronics such as tablets, televisions, mobile phones, refrigerators, video game consoles, etc. These trends, coupled with the rollout of favorable government initiatives targeting the development of manufacturing industries, will support the augmentation of the business in the region.
Major companies dominating the competitive landscape of the printed circuit board market are Zhen Ding Tech. Group Technology Holding Limited, DSBJ, Unimicron Technology Corporation, TTM Technologies, Tripod Technology, AT&S, and others, including Sumitomo Electric Printed Circuits, Inc., Fujikura Ltd., Nitto Denko Corporation, Nippon Mektron, Ltd., and Würth Elektronik GmbH & Co. KG. These firms are forming strategic associations with prominent OEMs to address the increasing market demand by delivering state-of-the-art products.
For instance, in January 2022, TTM Technologies announced its partnership with Nano Dimension Ltd., a provider of Additively Manufactured Electronics (AME), Printed Electronics (PE), and Micro Additive Manufacturing (Micro-AM). The collaboration is aimed at helping the firm establish a new AME-based NanoLab in the U.S. In addition, it is also targeted at extending its efforts in AME and the Industry 4.0 revolution.
The COVID-19 pandemic had a mixed impact on the global industry. The imposed restrictions on cross-border trade and movement led to increasing supply chain bottlenecks. In addition, the declining demand for flexible PCBs resulted in the cancellation of several shipments from countries like China, deeply influence the business dynamics.
In contrast, the proliferation of HDI technology and IoT devices and the increasing focus on developing PCB modules that drive the stay-at-home Economy created new prospects for industry growth. The demand for medical electronics such as ventilators, fog generators, monitors, and respiratory support systems grew exponentially during the crisis and is here to stay in the coming years, backing the market progression in years ahead.
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The above information is provided on a regional and country basis for the following: